LIBRA’s Crash and Burn: Solana’s Soap Opera of Memecoins 🎭💸

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“LIBRA’s Crash and Burn: Solana’s Soap Opera of Memecoins 🎭💸”

LIBRA’s Crash and Burn: Solana’s Soap Opera of Memecoins 🎭💸

What to know:

  • Fallout from the LIBRA token has hurt the Solana memecoin ecosystem, the report said. 🥀
  • Galaxy said the memecoin narrative began to sour following the introduction of the TRUMP token in January. 🎭
  • SOL has slumped against both the U.S. dollar and ether following the launch of LIBRA, Galaxy noted. 📉

So, LIBRA came, saw, and … uh, well, fell flat on its face. Galaxy Research muttered grimly on Monday
that LIBRA’s apparent rug pull was yet another nail in the coffin of Solana’s memecoin circus. 🎪 Yes,
folks, the clowns are crying.

The fun had already started going sour when the TRUMP token swaggered onto the stage in January with all
the subtlety of a marching band playing “Baby Shark.” The ensuing “liquidity suck” (a fancy way of saying
financial black hole 🌌) wasn’t exactly a crowd-pleaser.

Galaxy raised a warning: LIBRA’s tumble might convince investors to quietly sneak out the back door, leaving
Solana’s SOL token looking like the saddest kid at the birthday party. “Why hold SOL,” they asked, “if the
memecoins it supports are playing musical chairs in free fall?” 📉🎵

Numbers don’t lie, do they? SOL’s value against U.S. dollars and almighty ether (ETH) took a tumble. At the
time of publication, Solana was trading 8.6% lower at $168.73. Spoiler: it’s not going to make it into the
crypto prom king nominations this year. 🕺

And it wouldn’t be a real scandal without a political cameo. Argentina’s President Javier Milei, who could
sell ice to penguins, found himself in impeachment hot water after singing LIBRA’s praises as a helper for
small businesses. LIBRA briefly soared to an absurd market cap of $4.5 billion (yes, billion 💀) before
nose-diving 90%, leaving Milei grasping for excuses like a student with a failed exam.

As for Alex Thorn at Galaxy? He painted the memecoin madhouse as a “sordid episode,” adding that Solana’s
roaring high from TRUMP’s FDV (fully diluted valuation) of $75b is now just a dim memory. But hey, who
needs dignity when you’ve got TRUMP and LIBRA making headlines? 😂

Oh, and let’s not forget Hayden Davis, CEO of Kelsier and operator of this peculiar crypto soap opera. He
boasted about issuing both LIBRA and MELANIA tokens, declaring with sage-like wisdom, “It’s not a rug
pull—just a master plan gone spectacularly wrong.” $100 million is currently stashed away in an account,
for which he’s apparently the custodian. Sure, Hayden. Sure. 🔥🤔

In an interview with the crypto watchdog Coffeezilla, Hayden doubled down on his version of events,
perhaps hoping Coffeezilla wouldn’t notice the irony dripping from his words like candle wax. But alas,
it appears Solana’s memecoin complex remains a theater of the absurd, with ticket sales declining faster
than SOL’s price. 🎟️

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2025-02-18 13:43